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Meridian Arranges Financing for Hamptons Bungalows
Meridian Capital Group arranged $2.325 million in acquisition financing for the purchase and repositioning of The Beehive Bungalows in Westhampton Beach, NY, within the Hamptons. The loan was obtained on behalf of First Dunes Development, the coastal development division of Chatham Development Company.
The 24-month loan, provided by Emerald Creek Capital, features a fixed-rate and full-term interest-only payments. It was negotiated by Chatham Development’s Chad Gessin and Emerald Creek’s Mark Bahiri, alongside Meridian’s Jonathan Stern and Emerald Creek’s Mike Cleaver.
Ron Scala of Scala Hampton Properties represented the seller, and Kerrigan Country Realty’s Claire Vegliante advised Chatham Development in the acquisition.
Located on the Westhampton bayfront on the barrier beach, The Beehive Bungalows contains eight separate units with private decks. It has been in operation since the 1940s.
First Dunes has already begun improvements and renovations in anticipation of relaunching the property under the name Beach & Bay Bungalows for the summer.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
